Sinclair Broadcast Group (NASDAQ:SBGI) Rating Lowered to Hold at StockNews.com

Sinclair Broadcast Group (NASDAQ:SBGI – Get Rating) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Thursday.

SBGI has been the topic of a number of other research reports. TheStreet upgraded shares of Sinclair Broadcast Group from a “d+” rating to a “c” rating in a research note on Wednesday, June 1st. Wells Fargo & Company raised Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $30.00 to $33.00 in a report on Thursday, May 5th. Rosenblatt Securities began coverage on Sinclair Broadcast Group in a report on Tuesday, April 19th. They set a “neutral” rating and a $21.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Sinclair Broadcast Group from $31.00 to $28.00 in a research report on Monday, May 23rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Sinclair Broadcast Group has an average rating of “Hold” and a consensus target price of $29.00.

Sinclair Broadcast Group Price Performance

NASDAQ SBGI opened at $22.98 on Thursday. The company has a 50 day simple moving average of $21.64 and a 200-day simple moving average of $24.56. The company has a debt-to-equity ratio of 6.20, a current ratio of 2.43 and a quick ratio of 2.43. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 0.67 and a beta of 1.32. Sinclair Broadcast Group has a 52-week low of $18.89 and a 52-week high of $33.62.

Sinclair Broadcast Group (NASDAQ:SBGI – Get Rating) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($3.35) by $3.18. The business had revenue of $837.00 million for the quarter, compared to the consensus estimate of $839.76 million. During the same period in the previous year, the business posted ($4.03) EPS. Sinclair Broadcast Group’s revenue was down 48.1% compared to the same quarter last year. Equities research analysts predict that Sinclair Broadcast Group will post 3.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SBGI. Counterpoint Mutual Funds LLC bought a new stake in shares of Sinclair Broadcast Group during the 1st quarter valued at $89,000. Charles Schwab Investment Management Inc. raised its position in Sinclair Broadcast Group by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 758,329 shares of the company’s stock valued at $20,043,000 after purchasing an additional 25,966 shares during the last quarter. Natixis Advisors L.P. raised its position in Sinclair Broadcast Group by 3.0% during the 4th quarter. Natixis Advisors L.P. now owns 184,871 shares of the company’s stock valued at $4,886,000 after purchasing an additional 5,404 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Sinclair Broadcast Group in the 4th quarter worth approximately $114,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in shares of Sinclair Broadcast Group in the 1st quarter worth approximately $280,000.

About Sinclair Broadcast Group

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Sinclair Broadcast Group, Inc operates as a media company in the United States. The company operates in two segments, Broadcast and Local Sports. The Broadcast segment broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and programming to television viewing audiences in the communities through its local television stations.